SLB Limited $SLB Shares Bought by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors increased its SLB holdings by 232.9% in the second quarter, ending with 94,050 shares valued at approximately $4.37 million. Institutional investors and hedge funds collectively own 81.99% of SLB.
• Analysts remain broadly bullish, with an average rating of “Moderate Buy” and a consensus price target of $61.35. Several firms recently raised their targets to $64.
• SLB exceeded quarterly expectations, reporting $0.55 in adjusted earnings per share and $8.97 billion in revenue, while revenue grew 5% year over year. The company also declared a quarterly dividend of $0.295 per share, equivalent to a 2.1% annualized yield.

Concurrent Investment Advisors LLC raised its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 232.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,050 shares of the oil and gas company's stock after buying an additional 65,798 shares during the quarter. Concurrent Investment Advisors LLC's holdings in SLB were worth $4,372,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. NEOS Investment Management LLC boosted its position in SLB by 12.8% during the second quarter. NEOS Investment Management LLC now owns 243,304 shares of the oil and gas company's stock worth $11,311,000 after acquiring an additional 27,515 shares during the last quarter. iSAM Funds UK Ltd acquired a new stake in SLB in the 2nd quarter valued at about $284,000. Nykredit A S acquired a new stake in SLB in the 2nd quarter valued at about $28,079,000. Nan Shan Life Insurance Co. Ltd. lifted its stake in SLB by 513.8% in the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 736,544 shares of the oil and gas company's stock worth $34,242,000 after purchasing an additional 616,544 shares in the last quarter. Finally, Independence Bank of Kentucky lifted its stake in SLB by 15.8% in the 2nd quarter. Independence Bank of Kentucky now owns 10,629 shares of the oil and gas company's stock worth $494,000 after purchasing an additional 1,449 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. TD Cowen upped their price target on SLB from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Susquehanna lifted their price objective on SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a research report on Monday, July 27th. Piper Sandler upped their target price on SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Stifel Nicolaus raised their target price on SLB from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $61.00 target price on shares of SLB in a research note on Tuesday, June 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Stock Down 0.1%

SLB stock opened at $57.45 on Monday. SLB Limited has a one year low of $31.64 and a one year high of $60.46. The firm has a market cap of $85.26 billion, a PE ratio of 27.75, a PEG ratio of 3.27 and a beta of 0.76. The firm's 50 day moving average price is $50.77 and its 200-day moving average price is $51.68. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. SLB had a return on equity of 14.05% and a net margin of 8.53%.The company had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that SLB Limited will post 2.5 EPS for the current year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB's dividend payout ratio (DPR) is 57.00%.

About SLB

SLB NYSE: SLB, historically known as Schlumberger, is a leading global provider of technology, integrated project management and information solutions for the energy industry. Founded by Conrad and Marcel Schlumberger in 1926, the company develops and supplies products and services used across the exploration, drilling, completion and production phases of oil and gas development. Its offerings are intended to help operators characterize reservoirs, drill and complete wells, optimize production and manage field operations throughout the asset lifecycle.

SLB's product and service portfolio spans reservoir characterization and well testing, wireline and logging services, directional drilling and drilling tools, well construction and completion technologies, production systems, and subsea equipment.

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